UK Promotes Cryptocurrency Along with Financial Reforms
2022.12.09 08:42
UK Promotes Cryptocurrency Along with Financial Reforms
Budrigannews.com – Jeremy Hunt, the Chancellor of the Exchequer of the United Kingdom, presented a number of reforms with the goal of “drive growth and competitiveness” for the country’s financial services sector. These reforms also included efforts to support the cryptocurrency industry.
The United Kingdom’s government made it clear in an announcement that it would develop a smarter regulatory framework for the nation. The framework would be described as “agile, less costly, and more responsive to emerging trends.”
The announcement mentions consulting on proposals for the creation of a central bank digital currency (CBDC), extending a crypto tax break for investment managers, including stablecoins within the regulatory perimeter, creating a sandbox where businesses and regulators can test new technologies that have the potential to change financial markets, and more.
The Financial Services and Markets (FSM) bill, which was first announced in October, includes all of these. Hunt claims that the changes will demonstrate the United Kingdom’s status as a globally competitive financial services hub. He elaborated on that:
“The Edinburgh Reforms seize on our Brexit freedoms to deliver an agile and home-grown regulatory regime that works in the interest of British people and our businesses.”
Hunt also mentioned that the government will continue to implement reforms that impede the expansion of other rapidly expanding industries, such as digital technology and life sciences.
More Coinbase offers users to switch to USDC
The UK’s Economic Secretary to the Treasury, Andrew Griffith, stated that the reforms will result in smarter financial services regulation. The official at the government believes that this will “unlock growth and opportunity in towns and cities across the U.K.”
On November 4, the U.K. government also began investigating nonfungible tokens (NFTs) due to the sector’s expansion. Individuals from the U.K’s. Computerized, Culture, Media and Game Panel (DCMS) opened a public request to create an evaluation of NFT resources before a survey can be performed by the U.K. Depository.
